Overseas property buyers in UK looking beyond eurozone

People in the UK who are keen to buy a foreign property are increasingly looking outside the eurozone, analysts have revealed.

According to foreign exchange specialist HiFX, the continuing debt crisis in the region is prompting many Britons to look at opportunities in other parts of the world.

Australia in particular was said to be benefiting from this trend, while New Zealand has also become more popular with property buyers from the UK in the last few months.

However, HiFX said the US is currently the most popular non-European destination among foreign property buyers in the UK.

Mark Bodega, director at the company, believes this is partly because signs that the country's economy is beginning to pick up are starting to emerge. As a result, there could be a surge in international money transfer activity between the UK and the US over the coming months.

However, Mr Bodega advised foreign property buyers who are looking towards the US to bear a number of issues in mind before committing to a purchase.

"There are bargains to be had but Brits looking to buy a US property as an investment need to focus on areas where the rental demand is strong and where taxation on property is low," he commented.

The US came third on HiFX's table of the most popular overseas property hotspots among people in the UK, with eight per cent of aspiring buyers naming it as their first-choice destination.

Meanwhile, Australia was the preferred option for six per cent of Britons, while a similar proportion of people favoured New Zealand.

Nevertheless, figures from HiFX show that despite the increased interest in non-eurozone destinations, traditional investment hotspots in the region still remain highly popular. Indeed, 35 per cent of overseas property buyers are looking for homes in France, while 16 per cent are looking towards Spain.